Written by: Marwa Al-Ghoul
Thursday, December 7, 2023 02:00 PM
I blinked Oil prices today Recording its lowest level since last June in light of increasing concerns about demand for crude as a result of a larger-than-expected rise in US gasoline stocks.
The decline in Brent crude futures contracts amounted to $2.90, equivalent to 3.8%, to reach $74.30 per barrel upon settlement, recording a decline below $75 per barrel for the first time since early last July. While US West Texas Intermediate crude futures fell $2.94, or 4.1%, to $69.38 per barrel, falling below $70 per barrel since July as well.
The US Energy Information Administration had previously announced that gasoline stocks in the United States rose by 5.4 million barrels last week, which is five times greater than the expected increase.
2023-12-07 12:00:00
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